Foreign exchange control can be traced back to 1998 Asian financial crisis, when the Malaysian government further restricted the circulation of Malaysian ringgit outside Malaysia in order to prevent foreign currency speculators from blocking it.

1997 began to control foreign exchange during the Asian financial turmoil. Deregulation began in 2005.

First of all, there are three main ways to control foreign exchange:

1, quantity foreign exchange control 2, cost foreign exchange control 3, mixed foreign exchange control

Second, the definition:

Foreign exchange control refers to the restrictive measures taken by a government to balance the international payments and maintain the exchange rate of its own currency.

Third, advantages and disadvantages:

The advantage of implementing foreign exchange control is that the government can achieve the balance of international payments, exchange rate stability, incentive restrictions and domestic price stability through certain control measures. Its disadvantage is that it can't give full play to the role of market mechanism. Because of artificially setting exchange rate or setting other obstacles, it not only causes domestic price distortion and inefficient resource allocation, but also hinders normal international economic exchanges. Generally speaking, in order to revitalize the national economy, developing countries advocate adopting foreign exchange control, while developed countries tend to completely abolish foreign exchange control.

Extracted from the internet, you can write casually.